My daughter bought a house a few years ago and is contemplating moving in the near / medium future. I've been looking at a few house with her which would suit her needs. The LTV on her current house is low ...c.40% and what place she is looking at would not require a whole lot more - perhaps an LTV of 50%.
When I was doing this kind of thing 25 (or more years ago) people would put an offer on a house and if it was accepted they would quickly put their house on the market and apply for bridging finance to cover the gap in dates between the purchase and sale.
My bank tells me they don't do bridging and neither does pretty much anyone else. I'm wondering what do people do these days? Do they have to have sold (and try to rent very short term) before buying again?
Any advice would be much appreciated,
Roy
When I was doing this kind of thing 25 (or more years ago) people would put an offer on a house and if it was accepted they would quickly put their house on the market and apply for bridging finance to cover the gap in dates between the purchase and sale.
My bank tells me they don't do bridging and neither does pretty much anyone else. I'm wondering what do people do these days? Do they have to have sold (and try to rent very short term) before buying again?
Any advice would be much appreciated,
Roy